As a real estate investor, making your property appealing to potential buyers or renters is a step in the right direction towards getting a return on your investment. While you might want to stray away from full “fixer-uppers” (at least until you gain enough experience), there are some renovations you might want to consider to add value to your investment property.
Flooring
The floor throughout your property plays an important role in the renovation process. Is there carpet throughout? Or, can you find the hidden gem of original hard-wood? Figure out what interior look you’re going for, or look into current trends. If you want to keep the originality of the flooring, you can have them sanded and refinished for a fresh new look.
Updated Kitchens and Bathrooms
As we’ve mentioned, a full flip is a significant challenge unless you have the experience and resources. But, rest assured, there are a few great ways to update a kitchen without completely breaking the bank. Kitchen cabinets are often a focal point of what potential tenants or buyers are looking for. Cabinets are great to work with; if they have a good base and minimal damage, a quick sanding and fresh stain or a new coat of paint can go a long way. Finish them off with new hardware to complete the updated look. For countertops, you may want to consider replacing them if the current ones are dated.
Paint, Paint, Paint
A fresh coat of paint in each room goes a long way in “sprucing” things up a bit. Choose popular colors that are surrounding what’s currently trending. This is where you can have a little fun and figure out what potential renters or buyers are looking for.
Curb Appeal
Your focus shouldn’t just be directed toward the interior of your property; exterior matters just as much. Make sure your investment property is appealing to anyone that might be interested. Keep the grounds maintained well and consider a few different landscaping or garden options. The property being well kept on the outside is a great first impression.
